Australian Economy Grows 0.6 Percent in Q2

Australia’s growth slowed to 0.6 percent in the second quarter which the government said Wednesday showed the nation’s mining-fueled economy is not immune from global woes.

The growth for the April-June quarter was down sharply from the 1.4 percent expansion reported for the first quarter of the year.

The Australian Bureau of Statistics figures also showed that the economy grew 3.7 percent for 12 months through June, with mining, finance and insurance industries the largest contributors.

Treasurer Wayne Swan said the prices for Australia’s most lucrative exports to a cooling China — iron ore and coal — had fallen more than the government had forecast in May when it announced its economic blueprint to return the nation’s coffers to surplus in the current fiscal year.

via Mainichi

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza